India Contactless Payment Market is expected to expand in a significant way during the forecast time. Contactless payment refers to payment options where secure transactions are made using technology such as Bluetooth and infrared as well as radio frequency identification, and close field communications. In comparison to traditional electronic transactions, a contactless transaction requires only one-tenth the time, making it easy for customers. Here, we will discuss the India Contactless Payment Market Forecast, Share, Size, and Growth for 2022-2027
.Additionally, in the beginning, cards used for contactless transactions were only as travel tickets but today they have evolved and are making it possible for customers to pay for nearly anything. Therefore, India Contactless Payment Market is expected to see a significant increase in demand during the forecast. However, security concerns in relation to technology as well as issues with changing POS terminals could be an obstacle to the development of India's contactless payment market over the next few years.
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Based on the component of the market, the market for contactless payments is divided into solutions and services. For options, it can be further divided into Payment Terminal Solutions device Management Solutions, Transaction Management Solutions, Contactless Mobile Payment Solutions Secure and Fraud Management Solutions, and Others. In the midst of them, Payment Terminal Solutions dominated the market, with the biggest market share up to 2018. The segment is predicted in its position as well over the forecast time. This is due to the reality that payment terminals are able to accept payments made with a variety of devices, such as debit and prepaid cards mobile phones wearable devices, stickers keys, and even key fobs.
The top market players in India Contactless Payment Market include Gemalto N.V, Apple Inc., Visa Inc., Infineon Technologies India Private Limited, Ingenico India, Smart Technology Solutions Ltd., Verifone India, Oberthur Technology India Pvt Ltd, JP Morgan India Pvt Ltd, and RBL Bank Limited.
Years that are considered in the report for India Contactless Payment Market
Historical Years 2014-2017
Base Year: 2018.
Estimated Year: 2019
Forecast Period 2024-2024
The goal of the Study for India Contactless Payment Market
- To analyze and forecast the size of India Contactless Payment Market payment.
- To predict the Indian market for contactless payments according to component type, device type as well as the end user's distribution.
- To determine the drivers and obstacles to the India Contactless Payment Market.
- To study changes in the competitive landscape such as expansions and new product launches mergers and acquisitions, and so on. in India the market for contactless payments.
- To conduct the price analysis to determine the price of India the market for contactless payments.
- To analyze and identify the competitive landscape of the top players operating in India Contactless Payment Market payment.
TechSci Research performed both primary and extensive secondary research to support this research. In the beginning, TechSci Research sourced a list of companies that offer payment services. Then, TechSci Research conducted primary survey research with the identified businesses.
In the course of interviewing, respondents also were asked about their competition. By using this method, TechSci Research could include the vendors that cannot be identified because of being unable to conduct secondary research. TechSci Research analyzed the product categories, the types of applications, and also the presence of all the major contactless payments service providers in India.
TechSci Research calculated India Contactless Payment Market size in payments by using a bottom-up method that included data from various industries that use the technology and their applications across different product types were documented and forecasted for the upcoming years. TechSci Research sourced these values from industry experts and representatives of companies and externally verified these values by analyzing the data from these historical kinds of products and applications in reaching appropriate, general market size. Diverse secondary sources like the company's website, news articles, and press releases, as well as annual reports from companies' presentations to investors along with financial documents, were analyzed through TechSci Research.
Key Target Audience for India Contactless Payment Market
- Payment companies that use contactless technology as well as another stakeholder
- Authorities of the government, such as regulatory officials and decision-makers
- Alliances, forums, and organizations that are related to the market for contactless payments
- Firms that conduct market research and consult
The study can be useful in providing solutions to a number of crucial questions that are essential for industry players like service providers, customers, partners, and so on. In addition, it assists them to make better investments and capitalizing on opportunities in the market.
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